Snap, the parent company of popular disappearing-messages service Snapchat, is going public in the next two weeks, and they’ve decided to stick it to their investors. For the first time in history, the shares sold at IPO will have no voting rights. Institutional investors are screaming bloody murder, understandably.
There are other tech companies like Google and Apple where investors essentially have no say in the operations of the company, but it took those companies decades to convince investors it was worth giving up their voting rights. Snap expects to do that on Day One.
The IPO values Snap somewhere in the neighborhood of $25 billion, so pretty much all the value has been extracted by private investors over the past several years anyway. The non voting stock is just adding insult to injury.